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A model for exploring oil boom & bust cycles

Economics 101 starts with a stylised depiction of a supply and demand curve. The price is determined by the intersection of the curves. This implies that there is no such thing as an ‘oil supply gap’ since a shift of the supply curve leftwards will simply result in a...

Australia’s strategic oil reserve

With the current political debates in Australia around energy and climate policy, it’s easy to neglect the sleeper of Australia’s energy policy – the lack of an oil strategic reserve. The IEA was established in November 1974 in response to the first Middle...

The oil-gold nexus

Crude oil has a unique status in global energy markets and underpins global economic activity. Since the 1970s, it has taken on a role as a quasi-monetary commodity. By the end of World War II, the US held around 70 percent of global gold reserves. The US supplied 6...